Lead Cost Engineer

Lead Cost Engineer Offshore EPC Projects

Position Overview

The Lead Cost Engineer is responsible for establishing and managing the project cost control system during the execution of offshore EPC projects. The role ensures accurate monitoring of project expenditures, commitments, and forecasts, enabling effective cost control and timely reporting to support project management decision-making.

The Lead Cost Engineer reports to the Project Controls Manager and leads the cost control team to maintain full visibility of project financial performance throughout engineering, procurement, fabrication, and offshore installation phases.

Qualifications

• Bachelor's degree in Engineering, Quantity Surveying, Finance, or Project Management.
• 1015 years of experience in EPC project cost control, preferably offshore oil & gas.
• Experience managing large EPC projects (>USD 500M) is preferred.

Technical Competencies

• EPC project cost control systems
• Budget development and cost coding structures
• Forecasting methodologies (FAC / ETC / EAC)
• Change management and variation evaluation
• Financial analysis and cost reporting

Key Responsibilities

1. Project Cost Control System

• Establish and implement the Project Cost Control Plan in accordance with project procedures.
• Develop and maintain the Project Control Budget (PCB) aligned with the Work Breakdown Structure (WBS).
• Ensure proper cost coding structure aligned with contracts and project reporting requirements.
• Maintain full traceability between estimate, budget, commitments, and actual expenditures.

2. Budget & Cost Monitoring

• Monitor and control project costs against the approved control budget.
• Maintain detailed tracking of:
• Commitments (Purchase Orders, Subcontracts)
• Accruals
• Actual costs
• Analyze cost variances and identify root causes of deviations.
• Provide early warning of potential cost overruns.

3. Forecasting & Financial Performance

• Prepare and maintain the Forecast at Completion (FAC) and Estimate to Complete (ETC).
• Perform regular cost trend analysis and develop mitigation strategies.
• Support project management with financial projections and scenario analysis.

4. Cost Reporting -Prepare and issue periodic project cost reports including:

• Budget vs Commitment vs Actual
• Forecast at Completion (FAC)
• Cost variance analysis
• Contingency drawdown
• Change order status

5. Procurement & Subcontract Cost Control

• Interface with Procurement and Contracts teams to track purchase orders and subcontract commitments.
• Validate procurement values against approved budgets and cost allocations.
• Monitor subcontractor payment progress and financial exposure.

6. Change Management

• Support evaluation of variation orders and change requests.
• Assess cost impacts of scope changes, claims, and variations.
• Maintain change management register and update project budgets accordingly.

7. Risk & Contingency Management

• Support project management in cost risk identification and assessment.
• Maintain contingency tracking and utilization reports.
• Ensure contingency is released or allocated in accordance with project governance procedures.

8. Interface with Project Teams:

• Engineering
• Procurement
• Construction
• Offshore Installation
• Contracts & Commercial
• Finance / Accounting